South Korea’s leading electric arc furnace operator, Hyundai Steel, has once again lowered its bid prices for Japanese scrap in its recent purchase auction.
The steelmaker placed bids on 9 December for H2 grade scrap at JPY 47,000/tonne ($414/t) fob Japan. It posted a bid at JPY 52,500/t fob for shredded scrap and JPY 55,500/t for HS grade scrap. It also bid at JPY 58,000/t for Shindachi Bara (loose) scrap in the same auction, Kallanish notes. The mill’s bid prices were JPY 500/t lower for all grades scrap with the exception of Shindachi Bara grade which was a steeper drop of JPY 2,000/t.
In comparison, the Japanese domestic scrap market is firmer. Tokyo Steel is currently paying JPY 54,500/t ($480) for H2 grade scrap trucked to its Utsunomiya steelworks, effective 10 December. The mill’s procurement price for H2 was holding at JPY 55,000t during 13 November-9 December, having peaked at JPY 56,000/t on 28 October-10 November.
Anna Low Singapore
